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VOL. 128 | NO. 250 | Tuesday, December 24, 2013

Daily Digest

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Orleans at Walnut Grove Owner Files $23 Million Loan

The owner of the 276-unit Orleans at Walnut Grove Apartments in Cordova has filed a $23 million loan for the property.

Orleans Apartment Community LLC filed the deed of trust, security agreement and fixture filing for the Class A complex Dec. 18 through Transamerica Pacific Insurance Co. Ltd. Charles W. Misenhelter signed the trust deed as member of Orleans Apartment Community.

The Orleans at Walnut Grove, situated on about 17.5 acres north of Walnut Grove Road between Gray’s Creek and Houston Levee Road, consists of two phases. The first 180 units, totaling about 198,000 square feet, were delivered in 2012; the remaining 96 units, totaling about 93,800 square feet, were built this year.

The Shelby County Assessor of Property’s 2013 appraisal splits the phases but lists both at 317 Woodland Lake Drive. Phase one was appraised at $14.3 million, which includes the 10.6-acre parcel and the buildings. Phase two, which includes the 7.1-acre parcel but not the buildings, was appraised at $444,100.

Wes Misenhelter, owner of Lakeland-based Wesscorp Communities, is the developer of The Orleans at Walnut Grove. Amenities include a 20-acre lake, 3,500-square-foot clubhouse, 2,200-square-foot fitness center, and a salt-water pool with palm trees and cooking area.

AEGON USA Realty Advisors LLC, which acted as agent for Transamerica Pacific, agreed in September to fund the $23 million loan.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Verso Paper Avoids NYSE Delisting

The New York Stock Exchange has withdrawn its June 28 determination to delist Memphis-based Verso Paper Corp.’s common stock.

The exchange withdrew the delisting determination after adopting a uniform continued listing standard earlier this month that takes into account average market capitalization.

With the new standard, a company is now considered below criteria for the New York Stock Exchange if the company’s average market capitalization over 30 consecutive days of a trading period is less than $50 million. And as that is happening, the company’s total stockholders’ equity must also be less than $50 million.

Verso still remains below the exchange’s criteria for the separate continued listing standard because the average closing price of Verso’s common stock was below $1 per share for 30 consecutive trading days.

With the extension from the new standards, Verso has until Feb. 14 to bring the closing share price and the average closing share price above $1.

– Bill Dries

Luttrell Names Ingram Interim County Attorney

Shelby County Mayor Mark Luttrell has appointed Marcy Ingram as interim Shelby County attorney effective Jan. 1.

Luttrell made the interim choice Monday, Dec. 23, as current county attorney Kelly Rayne prepares to leave at the end of the year to become vice president of public policy at the Greater Memphis Chamber.

Ingram is currently deputy county attorney after having served as deputy chief administrative officer and before that as an assistant county attorney.

– Bill Dries

Four Suburban Schools Superintendents Chosen

As the Christmas holiday began, four of Shelby County’s six suburban towns and cities have superintendents for their municipal school districts.

Bartlett Schools board members selected David Stephens as the superintendent of their school system Friday, Dec. 20, in a unanimous vote.

Stephens will come to the post from being deputy superintendent for Shelby County Schools, overseeing the day-to-day operation of the merged school district as it went into its first school year.

Earlier Friday, the Germantown Schools board selected Jason Manuel, principal of Houston Middle School, as Germantown superintendent.

And Millington Schools board members selected David Roper, the former superintendent of schools in Birmingham, Ala., to be their director of schools. Roper is currently a professor of education at Middle Tennessee State University.

The Collierville Schools board was the first of the six suburban boards to come to contract terms with a superintendent, hiring former Shelby County Schools superintendent John Aitken.

That leaves the Lakeland and Arlington municipal schools districts. Leaders of both towns signed an agreement that states both school systems will use the same schools director or superintendent.

– Bill Dries

Massey Earns Retail Property Designation

Shawn Massey, partner with The Shopping Center Group LLC, is one of 752 commercial real estate professionals across the world to receive a new credential from the International Council of Shopping Centers.

The new ICCS credential, called the Certified Retail Property Executive designation, is awarded to industry professionals for mastering the science of retail operations, leasing and management.

Massey was also recently elected as president of the executive board of the Memphis Metro CCIM (Certified Commercial Investment Member) chapter.

– Amos Maki

Wunderlich Closes on $40 Million Investment

Memphis-based Wunderlich Securities Inc. has closed on its equity capital investment of up to $40 million.

The closing of the deal led by Altamont Capital Partners, a private San Francisco Bay area-based investment firm, and members of Wunderlich’s management team means Wunderlich is closer to having new funds with which to expand several of the firm’s divisions.

Wunderlich private client group president Jim Parrish, for example, said the firm is moving forward with its private client group expansion strategy and that “great things from Wunderlich in 2014” are coming.

– Andy Meek

Tennessee to Receive $1 Million Higher Education Grant

Tennessee is one of three states receiving a million-dollar grant to increase on-time college completion rates.

The Tennessee Board of Regents announced Monday that the three-year grant will come in cash and technical assistance from the Lumina Foundation for Education and in partnership with Complete College America.

Education officials say the grant supports the state’s higher education reform efforts that help students finish a degree in two years from a community college and in four years from a university.

The grant will help the state’s community colleges and the Regents’ six universities create so-called Guided Pathways to Success programs.

The programs are clearly sequenced degree plans that help students understand the best and shortest paths to get them to graduation.

– The Associated Press

PROPERTY SALES 85 205 21,165
MORTGAGES 76 206 24,338
BUILDING PERMITS 183 321 43,755
BANKRUPTCIES 48 92 13,560